Foneloan offering hassle free collateral free loans to eligible customers!
Applying for a loan in Nepal has been a tedious and often mind-numbingly frustrating process. After all, for those who have applied for loans from financial institutions, you must have been frustrated filling up piles and piles of forms. While multi-millionaires continue to swindle our economy by taking out huge loans from banks and financial organizations, access to loans and credit services has continued to prove difficult for the hard-working middle class.
To mitigate this, Foneloan has introduced lending services to people with a payroll bank account. The amount of loan such accounts can be eligible ranges from Rs 500 to Rs 2 Lakhs. What is great about this service is that unlike traditional loan models in Nepal, eligible customers do not need to fill in any tedious forms or even put collateral.
Perks of Foneloan
As more youths today enter the workforce with a stable payroll, it has widened the customer base for brands in Nepal. The issue, however, is that such customers aren’t able to buy luxury or expensive products like smartphones, laptops in bulk payments. This is a missed opportunity for brands and businesses. Since these customers have a stable source of income, with access to easyloans like FoneLoan,business and as a consequence Nepal’s economy is sure to grow. Also, this will directly help businesses push sales.
The first ad wants to project the brand as a savior when accidents/emergencies happen. It shows the customer using Foneloan service when his bike hits with an accident and needs emergency loan for repairs. The second ad shows a young girl who needs a laptop before she starts her higher education. It deftly showcases Foneloan’s ‘Buy Now, Pay Later’ scheme meaning that one could finance much needed products like laptops and pay in installments.
The ad skillfully shows how its service can be utilized productively. While the ad does not look like it was produced in a high production manner i.e. looking from the technical side, the camera work and acting seems to be a bit lazy, the ad is successful in that it conveys the brand’s core message clearly. The ad has also placed a disclaimer at the bottom end of the ad video saying ‘subject to eligibility’, the font is too small and almost difficult to read. It is generally standard practice for credit and financial institutions to put a clear audio narration of ‘market risk and eligibility requirements’ at the end of the ad video. Just have a look at one example from a reputed Indian financial institution.
While Foneloan is a noble concept, the onus is on the eligible customers to use this service responsibly. Since the service targets especially young workforce who have a stable job but might not have enough savings yet, it is very important that they use the service sparingly and/or during emergencies. It would have been better if the brand put a strong disclaimer at the end of the video clearly explaining ‘market risks’ and ‘terms and conditions’ apply like is standard practice internationally. The failure of doing this is reflected on Foneloan’s social media comments where users have mentioned confusion regarding their inability to access this service. That said, the ad has done a commendable job explaining what the service exactly does and how, and in what situations, it could be used!